Refer to Figure 12-8. Suppose the firm produces 4,000 units. What does the shaded area labeled A represent?
A) total revenue B) total fixed cost C) profit D) total variable cost
B
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If demand is unit elastic, then
A) a ten percent increase in price leads to a one percent decrease in quantity demanded. B) the unit change in quantity demanded equals the unit change in price. C) a two percent increase in price leads to a two percent decrease in quantity demanded. D) an increase in price of any amount leads to quantity demanded falling to zero.
The concept that explains the firm's ability to produce output with differing bundles of resources is called
a. Resource heterogeneity b. Resource immobility c. Barriers to entry d. Imitability
Which of the following will shift the consumption function upward?
A. an increase in consumer wealth B. an increase in disposable income C. an increase in personal income taxes D. a decrease in the MPC
A situation in which the usefulness of a product increases with the number of consumers who use it
What will be an ideal response?